Pheton Holdings Ltd, formerly named iTonic Holdings Ltd.

(NASDAQ: PTHL); (NASDAQ: ITOC)

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Case Details

Pheton Holdings Ltd, formerly named iTonic Holdings Ltd.

Lead Plaintiff Deadline:
September 28, 2026
Class Period:
September 5, 2024 - July 29, 2026
Jurisdiction:
New York Southern District Court
Docket Number:
1:26cv06484

Days Left to
Seek Lead Plaintiff:

42

Summary of the Action

The PTHL Action charges certain of the Company's officers and directors, its auditor (Marcum Asia CPAs LLP), and the underwriters of its initial public offering (Cathay Securities, Inc. and Dominari Securities LLC) with, among other things, violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. The PTHL Action alleges, among other things, that the defendants orchestrated a "pump-and-dump" scheme to defraud investors in PTHL, in which promoters impersonating legitimate financial advisors touted the Company's shares with baseless claims, including fabricated rumors of an acquisition by Gilead Sciences, Inc. The scheme collapsed on July 29, 2025, when PTHL's share price fell approximately 95% in a single trading session.

Certification and Authorization Pursuant to Federal Securities Laws

  • The individual or entity listed below requests Wolf Haldenstein Adler Freeman & Herz LLP to file an action or motion for appointment as lead plaintiff and lead counsel under the federal securities laws to recover damages and to seek other relief against Pheton Holdings Ltd, formerly named iTonic Holdings Ltd.. Wolf Haldenstein Adler Freeman & Herz LLP will not do so until you complete a retainer agreement authorizing us to prosecute the action on a contingent fee basis.

  • I, individually or on behalf of the entity I represent ("I"), hereby certify as follows:

    1. I have reviewed the complaint and authorize the filing of a lead plaintiff motion or action on my behalf.
    2. I did not acquire the security that is the subject of this action at the direction of the Firm or in order to participate in this private action or any other litigation under the federal securities laws.
    3. I am willing to serve as a representative party on behalf of a class, including providing testimony at deposition and trial, if necessary.
    4. I represent and warrant that I am fully authorized to enter into and execute this certification.
    5. I will not accept any payment for serving as a representative party on behalf of the class beyond my pro rata share of any recovery, except such reasonable costs and expenses (including lost wages) directly relating to the representation of the class as ordered or approved by the court.
    6. I have made no transaction(s) during the Class Period in the debt or equity securities that are the subject of this action except those set forth below:
  • Type of SecurityBuy Date (mm/dd/yy)# of SharesPrice per Share 
  • Type of SecuritySell Date (mm/dd/yy)# of SharesPrice per Share 

Date of signing: 08/17/2026